Truist Financial Boosts Cadence Bank (NYSE:CADE) Price Target to $38.00

Cadence Bank (NYSE:CADE) had its price objective hoisted by Truist Financial from $31.00 to $38.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Royal Bank of Canada reissued a sector perform rating and issued a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Jefferies Financial Group dropped their price objective on shares of Cadence Bank from $31.00 to $29.00 and set a hold rating for the company in a report on Wednesday, July 3rd. Stephens reissued an overweight rating and issued a $35.00 price objective on shares of Cadence Bank in a report on Tuesday, July 23rd. Piper Sandler lowered shares of Cadence Bank from an overweight rating to a neutral rating and upped their price objective for the company from $33.00 to $34.00 in a report on Wednesday. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a report on Wednesday, April 24th. Six analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $33.79.

Cadence Bank Price Performance

Cadence Bank stock opened at $33.51 on Wednesday. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of 10.71 and a beta of 0.98. The company has a fifty day simple moving average of $28.96 and a 200-day simple moving average of $28.29. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same quarter in the prior year, the firm posted $0.64 earnings per share. On average, equities analysts anticipate that Cadence Bank will post 2.55 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Trading of Cadence Bank

Several hedge funds have recently made changes to their positions in CADE. GAMMA Investing LLC lifted its position in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares in the last quarter. Wolverine Asset Management LLC lifted its position in shares of Cadence Bank by 952.0% during the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Cadence Bank during the first quarter worth about $34,000. Argent Advisors Inc. acquired a new stake in shares of Cadence Bank during the first quarter worth about $204,000. Finally, Moody Lynn & Lieberson LLC acquired a new stake in Cadence Bank in the fourth quarter valued at approximately $205,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Company Profile

Cadence Bank provides commercial banking and financial services. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.